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CBZ Holdings, Zimbabwe’s leading financial institution, is taking bold steps toward expanding its reach across Africa, with plans to establish a strong foothold in regional markets. This marks a significant milestone in the company’s growth strategy, as it aims to go beyond Zimbabwe’s borders and tap into the continent’s vast potential.
CEO Lawrence Nyazema, speaking at an event attended by clients and partners, outlined the company’s ambitious vision to scale up its operations across Africa. Nyazema emphasized that this move is not just about seizing opportunities, but also about supporting CBZ’s existing partners as they expand their own operations in the region. He underscored the importance of mutual growth, stating, “We cannot remain a Zimbabwean play because our partners are venturing out into the world, and we cannot leave them to go there alone.”
The company’s first step in this regional expansion will begin this year, with a focus on establishing a strong presence in South Africa, a market that has become a strategic target. Nyazema pointed out that South Africa accounts for 70 percent of the continent’s insurance revenue, making it an essential hub for financial growth. “By staying away from South Africa, you are staying away from 70 percent of the budget,” he remarked, reinforcing the importance of entering this lucrative market.
While CBZ is confident in its strategy, Nyazema was candid about the challenges of competing in markets where it is a smaller player. “We may be big in Zimbabwe, but we are very small elsewhere,” he acknowledged. To address this, CBZ plans to pursue various expansion methods, including joint ventures, mergers and acquisitions, and greenfield investments. In addition, Botswana is playing a pivotal role in the company’s expansion plans, with its favorable regulatory environment and strong capital markets serving as an attractive base for the company’s regional ambitions.
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